Thai Beverage - Anticipating Consumption Recovery; Keep BUY
We continue to like Thai Beverage for its strong market leadership in Thailand and Vietnam, and as a beneficiary to Thailand’s economic recovery...
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Thai Beverage - International Tourist Arrivals Set To Improve
International tourist arrivals to Thailand and Vietnam are set to improve as Chinese tourists return, boosting on-trade alcohol consumption volumes.
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Thai Beverage - 1HFY23 Results Slightly Above Expectations, Supported By Brown Spirits
Thai Beverage's announced 1HFY23 core PATMI of Bt16.1b (-1.2% y-o-y), slightly above our expectations. The better-than-expected performance was...
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Thai Beverage 1HFY23 Earnings Preview - Beer Segment Facing Headwinds
Despite higher tourist arrivals to Thailand, we reckon there is downside to our current beer segment estimates. Our estimates for the other...
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HTC: Soft Drink King Rules in Southern Thailand
We initiate coverage on HTC with a BUY rating and based on a target price of Bt27, derived from 15.7xPE’18E, which represents its two-year average...
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